Federal and State Audits: What You Need to Know

Overview

"Pre-award audit evaluations of prospective consultant engineering firms’ cost proposals and accounting systems are conducted to determine the accuracy of cost proposals and the adequacy of a firm’s accounting system. The purpose of an audit is to determine if firms maintain their books and records in accordance with generally accepted accounting principles (GAAP) and Federal Acquisition Regulation (FAR)/Office of Management and Budget (OMB) Circulars. Final incurred cost audits determine the reasonableness and accuracy of costs billed to a project as well as compliance with contractual terms. Field audits and desk reviews are performed to determine if firms maintained books and records in accordance with GAAP and FAR/OMB Circulars and contract terms.
Whether or not your firm is experienced with the audit process, this session provides much useful information on why audits are required and how a firm can be prepared."